Bitcoin's 'Coinbase Premium' Achieves Longest Bullish Streak Since October's Record High

A key indicator closely watched by crypto experts to gauge the interest of US-based investors, particularly institutions, in buying Bitcoin is the Coinbase premium index. As of now, it is signaling the most sustained bullish trend since Bitcoin traded at its record high above $126,000 in October. According to data from Coinglass, this index has been positive for 14 straight days, from April 9 to April 22, representing the longest uninterrupted stretch of positive readings since October. The significance of this lies in the fact that Coinbase, listed on the Nasdaq, is the primary exchange for US institutions, including corporate treasuries, hedge funds, and regulated investment vehicles like ETFs. When Bitcoin's price on Coinbase is higher than on Binance, it indicates aggressive buying by US investors, a trend historically associated with bull runs. Conversely, a negative premium suggests lagging US demand, with offshore markets driving the price. Notably, the premium was predominantly negative from mid-December to late February, coinciding with a decline in BTC from approximately $100,000 to nearly $60,000. The current sustained demand, despite geopolitical and DeFi-related disruptions, underscores the importance of this bullish streak. It is therefore not surprising that Bitcoin is experiencing a rally, having exceeded $78,000 on Wednesday and achieving a month-to-date gain of 14%.